In a recent report, crypto analytics firm Santiment explains why they are very bullish on five cryptoassets.
In a post published to Santiment’s “Insights” blog on April 5, the analytics firm referred to a pair of tweets from April 3 that talked about three bullish indicators they regularly see before a cryptoasset sets a new all-time high:
- “rising daily new addresses created”
- “rising address activity”
- “declining exchange deposits”
These leading indicators which regularly present themselves in our data before #ATH's are all over our #crypto data platform. We encourage you to check us out, try two weeks of Sanbase PRO by signing up here, and see what others can't! https://t.co/myBUahUwZT
— Santiment (@santimentfeed) April 3, 2021
They then went on to say:
“When active addresses move up over time for a crypto asset, while active deposits move down, it’s a reliable indication of a token seeing growing utility without funds moving to exchanges for potential sell-offs. In other words, this is a very bullish pattern our pro traders look for often.“
Santiment says that its new Daily Active Deposits & Non-Deposit Activity Sansheets Model “easily identifies which assets are developing patterns similar to Ethereum’s.”
According to this model, the following cryptoassets could soon be setting new all-time highs: Skale ($SKL), Enjin Coin ($ENJ), Decentraland ($MANA), and Polygon ($MATIC), and Sentivate ($SNTVT).
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.